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In this episode, my guest is CPA, CGA and Founder of The Business Society blog and podcast, Melissa Houston. We dig into business, finances, money mindset and all the important stuff that so many entrepreneurs neglect when it comes to creating a financially successful business. This episode will leave you feeling empowered to look at your business numbers in an objective way and see money as a tool that you can utilize to your advantage. And, if finances or numbers aren’t your thing, Melissa shares some advice on finding a financial specialist that would fit your needs!
Show Notes:
03:30 An Accountant by Accident
Melissa started out as a social worker, but it wasn’t the right fit for her, so she began to explore other opportunities. She decided to jump into accounting, and found that she really enjoyed the work, especially the aspect of helping and educating business owners. She explains how understanding your finances is such an important element to building a thriving business.
05:54 Let go of Your Emotions When it Comes to Your Numbers
I often see entrepreneurs fall into the cycle of fear when it comes to growth and success. Melissa references her 5-Step Cash Confident Framework, and explains how the first thing you can do to avoid this is to address your money mindset. First, you need to separate the emotional attachment and look at your numbers as data through an objective lens. Your numbers are an important form of feedback for your business.
10:05 Feel Empowered to Understand Your Numbers
The second thing you can do is learn how to read your financial statements and understand how the process works. The third step is to make a business financial plan and set your goals accordingly. Mapping it out helps you to see all of the moving parts that it will take to grow your business. The fourth step is to look at your business numbers each month and run those reports to see what’s working and what’s not.
14:39 Learn How to Manage Your Cash Flow
The final step is to learn how to manage your cash flow. You need to understand what’s coming in and what needs to go out. All of these steps help business owners understand how they can create profit in their business. We discuss some different scenarios that demonstrate the importance of understanding investments and profits in your business.
20:00 All About Taxes
Melissa recommends that entrepreneurs get help with their taxes right from the beginning as they start setting up their business. Though there is software out there, a tax accountant is going to help you find the best, personalized tax strategy for your business. That professional advice will help you avoid mistakes and save as much money as possible.
26:55 Hire a Bookkeeper
Many business owners fear the expense of hiring a qualified bookkeeper. It’s cheaper to pay someone qualified to do it in the first place instead of paying your accountant to fix the mistakes later on. Your bookkeeper should be your first line of financial foundation.
Resources from this Episode & Working w/ Me
Visit Melissa’s Instagram: @melissahoustoncpa
Check Out Melissa’s Website and Podcast: shemeansprofit.com
My Website: micahfolsomfit.com
Connect w/ me on Instagram: @lifeonfolsomfarm
Get Access to My Free Masterclass for Network Marketers – The 7 Essentials to 7 Figures Blueprint: micahfolsomfit.com/7essentials
New Coach Mentorship: micahfolsomfit.com/transformyourlife
Work w/ Me on your Health Goals in my Virtual Gym: micahfolsomfit.com/getfit
Join the 4 Week Gut Protocol: micahfolsomfit.com/gut
Folsom Farm Homegrown Beef Info & Waitlist:
